S&P/Case-Shiller report: Home prices continue to decline

U.S. home prices declined in October as the growth rate continues to decelerate, according to the S&P/Case-Shiller Home Price Indices report released today. Each of the 20 metropolitan areas measured showed declines between September and October. Only the 10-city composite and four metropolitan areas showed increases over October 2009.

The 10-city composite index rose 0.2 percent over its October 2009 level. The four metropolitans areas with year-over-year gains were Los Angeles (3.3 percent), San Diego (three percent), San Francisco (2.2 percent) and Washington, D.C. (3.7 percent).

Despite the month-to-month drop, both the 10- and 20-city composites were higher than their spring 2009 lows. Six metropolitan areas hit their lowest levels since home prices began to drop in 2006 and 2007: Atlanta; Charlotte, N.C.; Miami; Portland, Ore.; Seattle; and Tampa, Fla. 

“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks,” said David M. Blitzer, chairman of the index committee at S&P. “There is no good news in October’s report. Home prices across the country continue to fall.”